Coeur Mining, the mining firm owned by Nvidia, has filed for bankruptcy protection in a bid to save its stake in the world’s largest online payments platform.
The company’s stock, which has lost around 80% of its value since March, is down nearly $3 billion, or 4.5%.
The company was acquired by an anonymous group last year for $1.3 billion.
The news comes as Nvidia is ramping up its push to develop cloud computing solutions for mining and blockchain-based applications.
Coeur Mining has also been looking to acquire additional mining capacity in India, where it operates at the centre of a massive cryptocurrency boom.
It is believed to be the largest private blockchain mining operation in the country, with around 100,000 mining rigs in operation at present.
Coeur has also made the move to build new mining facilities in South Africa, Australia and South Korea.
It will now be up to the Coeur team to decide if it will continue with its mining operation, which is in danger of running out of electricity as the technology moves towards its mainstream adoption.
Cour Mining has been active in the Indian cryptocurrency space since 2013, and has recently begun selling a cryptocurrency called Coeurcoin for about $3.
Courcoin is also the main cryptocurrency used by Coeur Miner, a mining firm in India.
Coerce has already secured financing for a new facility in India to produce and distribute Coeurcoins.